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 P.O. Box 25099 Richmond, VA 23260 o phone: (804) 359-9311 o fax (804) 254-3594

                                  PRESS RELEASE

                   CONTACT                                 RELEASE
        Karen M. L. Whelan                               Immediately
             Phone: (804) 359-9311
             Fax:   (804) 254-3594
             Email: investor@universalleaf.com




               Universal Corporation Announces Quarterly Dividend
                  Richmond, VA o February 7, 2002 / PRNEWSWIRE

         Henry H.  Harrell,  Chairman and Chief  Executive  Officer of Universal
Corporation,  announced  that the  company's  Board of Directors  has declared a
quarterly dividend of thirty-four cents ($.34) per share on the common shares of
the company, payable May 13, 2002, to common shareholders of record at the close
of business on April 8, 2002.

         Universal  Corporation  is a  diversified  company with  operations  in
tobacco,  lumber, and agri-products.  Universal Corporation's gross revenues for
the fiscal year that ended on June 30, 2001,  were  approximately  $3.0 billion.
For  more  information  on  Universal   Corporation,   visit  its  web  site  at
www.universalcorp.com.

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